Greek owner to retain Aframax after FPSO conversion plan falls through

The US-listed Greek owner disclosed on 5 December that the potential forward sale of 2009-built, 105,071-dwt Aframax P Sophia will not proceed.

In April, Performance Shipping entered into a forward sale and exclusivity agreement with an unaffiliated third party, granting the latter the exclusive right to submit a bid to convert P Sophia into an FPSO for a proposed offshore project.

The would-be buyer has now informed the company that the vessel was not selected for the project.

“As a result, the potential forward sale and exclusivity agreement has automatically lapsed, no sale will be completed under its terms, and the vessel will continue to operate in the company’s fleet,” Performance Shipping said.

P Sophia is the oldest vessel in Performance Shipping’s fleet of eight Aframaxes, built between 2009 and 2025. The company acquired the tanker in 2022 from Maria Angelicoussis-led Maran Tankers for about US$28M.

Performance Shipping is also pursuing a newbuilding programme for two tankers – one LR2 and one LR1 – scheduled for delivery through early 2027, and recently expanded into the Suezmax segment through a double acquisition.